GM Invests $2.9B In Brazil

General Motors will invest $2.9 billion in its Brazilian operations through 2018 to upgrade its Chevrolet brand in the country.

The automaker will use the funds toward the development of new products, technologies, and employee training, as well as localizing components with Brazilian suppliers.

"This investment will allow the Chevrolet brand continue to renew its lineup with a focus on technology and quality," said Jaime Ardila, president of General Motors South America. "Another major purpose of this contribution is to raise the percentage of nationalization of the components of the cars made in Brazil, in an action that also involves suppliers installed in the country."